Following on rather neatly from yesterday’s suggestion that the “developed” economies may in fact be overdeveloped to the point of being detrimental to the overall good of society, here’s a lengthy piece at the New Yorker about Wall Street, investment banking and social good, which seems to reiterate a similar point: investment banking and securities trading isn’t actually beneficial to anyone other than the bloated financial sector itself [via MetaFilter].
It’s good to see people from within that sector starting to say so; whether we get things fixed before the next blow-out is another question entirely. A long article, but well worth the read.